The currency pair Pound/Dollar GBP/USD ends the trading week as part of the development of a fall near the level of 1.2634. Moving averages indicate a bullish trend. Prices are again testing the area between the signal lines, which indicates pressure from buyers and a potential continuation of the growth of the British Pound against the US Dollar from current levels. At this point, we should expect an attempt to develop a decline and test the support area near the level of 1.2455. Next, a rebound upward and a continuation of the rise in Pound/Dollar quotes to the area above the level of 1.2975.
GBP/USD Forecast and Analysis July 1 — 5, 2024
An additional signal in favor of a rise in the British Pound will be a test of the support line on the relative strength index (RSI). The second signal will be a rebound from the upper border of the bearish channel, as well as from the lower border of the Head and Shoulders reversal pattern. Cancellation of the growth option for the GBP/USD pair in the current trading week of July 1 — 5, 2024 will be a fall in quotes and a breakdown of the 1.2295 area. This will indicate a breakdown of the support area and a continuation of the decline to the area below the level of 1.1785. Confirmation of the growth of the currency GBP/USD will be a breakdown of the resistance area and closing of the price above the level of 1.2945, which will indicate a breakdown of the upper boundary of the “Head and Shoulders” pattern and the beginning of the development of a pattern with targets above.
GBP/USD Forecast and Analysis July 1 — 5, 2024 suggests an attempt to develop a bearish correction and test the support level near the 1.2455 area. Where can we expect the currency pair to continue to grow with a target above the 1.2975 area. An additional signal in favor of an increase will be a test of the trend line on the relative strength index (RSI). Cancellation of the growth option for the Pound/Dollar pair will be a fall and a breakdown of the level of 1.2295. In this case, we should expect the pair to continue to decline with a potential target below the level of 1.1785.
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